People are always looking for property to own. That’s a given. Doesn’t matter if the market values skyrocket or they plummet, there are always individuals looking to own or let go of their property. The real estate market can be a very profitable venture, but no doubt it’s one laden with several things waiting to go wrong. From tenants not paying rent, to demolish of properties by government for development projects, people encroaching on your own property and so on.
So if you are looking to get into the real estate business in Nigeria, and be successful at it, not only do you need the mental fortitude to scale through, you also need the necessary skills and knowledge to get the job done right.
Here are a couple of things you have to do;
1. Get some research done on the real estate market
As should be evident, just don’t dive in and open up an office in Ikeja, Gwarinpa or Eket. First, you need to carry out research to figure out how the real estate market operates in Nigeria.
While it can be said that the business has similarities all around, it is definitely worth figuring how it works specifically in the country and particularly in your target market.
You should get yourself acquainted with the specifics; the amount of risk involved, the decision makers in the real estate business, the necessary qualifications required to be able to practice being a real estate agent, the laws guiding operations in the real estate business, how much you would require to get started, and so on.
2. Have a business plan ready
What’s an idea without a plan to get it started is just a dream. A business plan details the goals and targets that you aim to achieve with the resources at your disposal.
Business plans can be amended when necessary, so don’t think that once you have it down there is no going back. Of course, it definitely helps if you have something concrete written down so you know what you aim to achieve as a real estate agent.
3. Register your business
Some legal recognition will be essential for you to get things moving for your business. If you are looking to start a business under which you’d run your real estate services. Registration with the Corporate Affairs Commission (CAC) is what you should be looking at if this is the angle you’re going for. Registration with the CAC will give you valid certification to run a business in Nigeria.
Also worth doing is registering with associations and agencies in the real estate business to help keep you updated on things related to the business in Nigeria. An example of such an association is the Real Estate Developers Association of Nigeria (REDAN).
4. Create an online presence
In the world of today, there’s no denying the several benefits having an online presence for your business can bring. Not only does it help your business get out there, it’s also a way to show a level of dedication to your craft.
Creating a real estate website that potential clients can view will show them that you mean business.
If making a website is not your forte, then you can hire a professional to create one for you. Be sure to have your contact information available on the website.
5. Have a true interest in real estate
In anything that you do, there is always a greater propensity to succeed whenever you truly have an interest in it. It’s not just enough for you to want to be a real estate agent, you should also have an interest in what it’s all about. Having a true interest in housing and architecture can give you an edge when talking to clients, as your interests and knowledge will be obvious in the conversations you have with them. This, in turn, will show them that you truly care about the real estate business.
6. Create a network of connections
Look, Nigeria is about who you know. For a real estate agent, this network of contact is very important. Make sure you are on good terms with other real estate agents, sales brokers, buyers and sellers, home inspectors and other involved parties present in the real estate business. This way, you are in the know on all new deals.
7. Get some office space/personnel
Going down the route of owning a real estate business means that you are going to need contact information, which comprises phone numbers, emails, social media pages (if necessary) and a physical address. Sometimes a client might want to drop by and have a conversation face to face.
This is where an office space comes in. Clients want to know there is a place where they can find you or your staff during work hours and not just over the phone.
Also, as you get more clients, division of labour will be required, and this is the point where you get to hire staff to help out with the day-to-day hustle and bustle of the business. Note that you don’t absolutely have to get office space or hire personnel as soon as you start being a real estate agent. This is more of an ‘as needed’ item than it is a necessity.
8. Advertise your business
Get your business noticed! Give it some media PR. Advertise your business on the several mass media options available; internet, TV, radio, newspapers etc. You want your business to be noticed well enough that a client can come knocking on your door to ask you to become their real estate agent.
Arm yourself with the knowledge and skills needed, and then forge ahead into the world of being a real estate agent. It’s never a bad thing to ask those who have been in the business for a while for their help on several matters, and if you choose not to start your own business you can always join a firm and become one of their agents working in-house.
People are looking for Real Estate Agents on VConnect. Register your business on VConnect and help them find you.